IMF loan has Egypt spiking its electricity prices

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(Reuters) CAIRO: Egypt will announce new electricity prices on Tuesday, state news agency MENA reported on Monday, as part of subsidy cuts tied to the country’s $12 billion IMF loan program.

The new prices will take effect in July and will be announced at a press conference held by the minister of electricity, MENA reported.

The government has been looking to slash the subsidies it uses to keep consumers’ energy prices down as part of efforts to improve government finances, and said previously they would end entirely by the end of the 2021-22 fiscal year.

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